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Press Release

Korea Eximbank and CGIF to Jointly Guarantee Hanwha Solutions’s Green Bond

Date 2021.04.15 View 13058

The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang, Moon-Kyu, "Korea Eximbank") announced on April 15 that Korea Eximbank and the CGIF* will each guarantee 50 percent of green bonds** worth 1 billion yuan (171.4 billion won) issued by Hanwha Solutions.

* The Credit Guarantee and Investment Facility (CGIF) is a trust fund of the Asian Development Bank (ADB) established in November 2010 to guarantee regional bonds issued by companies in ASEAN countries, Korea, China and Japan for the development of the Asian bond market. Korea has a 14.3% stake in the CGIF through Korea Eximbank.

** Green Bond is a special purpose bond issued to finance eco-friendly and renewable energy projects to cope with climate change.

 

This is the second guarantee jointly provided by Korea Eximbank and the CGIF for bond issuance.*

Cooperation model of between the two entities is considered a good example for Korean companies to follow in raising funds through bond issuance in Asia in the future.

* Korea Eximbank and the CGIF jointly supported 'CJ Korea Express's bond issue for local subsidiaries in Singapore' (March 2019).

 

Meanwhile, it is the first time Hanwha Solutions has issued green bonds.

Hanwha Solutions, a leading chemical company in the petrochemical sector, ranked seventh in the global solar energy market in terms of the production capacity of photovoltaic modules last year.

The funds raised by the green bonds will be used to strengthen the company’s ESG management, increase the financial capital of its overseas subsidiaries in China and other countries producing solar cell and module products, and make repayment of the existing loans.

 

An official of Korea Eximbank said, "Utilizing our wide range of global networks including the CGIF, we will continue to provide various financial solutions to Korean companies in the renewable energy industries such as solar and wind power."